India, Dec. 16 -- Mumbai's Mahalaxmi Racecourse will be rebranded as "Central Park" as part of a mega-makeover that will transform this colonial-era institution into a 295-acre open space that will also include entertainment facilities and an underground sports complex.

Unveiling plans to create the "biggest central park in the history of an Indian city to date", deputy chief minister Eknath Shinde said 125 acres will be carved out of the racecourse, while the remaining 170 acres will be drawn from land reclaimed for the Coastal Road. The park will be connected via an underpass to the arterial Annie Besant Road at Haji Ali, Shinde said, underlining that the racing track and its stables at the racecourse will remain untouched.

The audaci...